Turkish Central Bank Cuts Benchmark Interest Rate to 16% -- Update
By Kyle Morris
Turkey's central bank on Thursday cut its benchmark interest
rate after President Recep Tayyip Erdogan last week discharged
three top officials.
The central bank cut its key rate to 16% from 18%. The benchmark
rate was forecast to be cut to 17% by FactSet.
Mr. Erdogan last week dismissed central bank deputy governors
Semih Tumen and Ugur Namik Kucuk, as well as Monetary Policy
Committee member Abdullah Yavas.
"The committee decided to reduce the policy rate by 200 basis
points to 16%. Nevertheless, the committee assessed that, till the
end of the year, supply-side transitory factors leave limited room
for the downward adjustment to the policy rate," the bank said.
Turkey's inflation rate accelerated on an annual basis in
September, as the consumer price index rose 19.58% on year in the
month compared with 19.25% in August.
Write to Kyle Morris at firstname.lastname@example.org
(END) Dow Jones Newswires
October 21, 2021 07:28 ET (11:28 GMT)
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